Jx Luxventure Limited Stock Forecast
Volatile ride for Jx Luxventure Limited stock price on Tuesday moving between $1.12 and $2.10
(Updated on Jul 02, 2024)
The Jx Luxventure Limited stock price gained 30.70% on the last trading day (Tuesday, 2nd Jul 2024), rising from $1.14 to $1.49. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 88.34% from a day low at $1.12 to a day high of $2.10. The price has risen in 7 of the last 10 days and is up by 35.45% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 4 million more shares were traded than the day before. In total, 4 million shares were bought and sold for approximately $5.68 million.
The stockhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $1.48, a level that may pose a second chance to hit a runner. According to fan-theory $1.96 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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JXJT Signals & Forecast
Mostly positive signals in the chart today. The Jx Luxventure Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $1.17 and $1.19. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, June 10, 2024, and so far it has risen 39.25%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Jx Luxventure Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at $1.34 and $1.30. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Jx Luxventure Limited finds support just below today's level at $1.34. If this is broken, then the next support from accumulated volume will be at $1.30 and $1.26.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.99 between high and low, or 88.34%. For the last week, the stock has had daily average volatility of 20.24%.
The Jx Luxventure Limited stock is extremely overbought on RSI14 (86). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.
Our recommended stop-loss: $1.44 (-3.28%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 86 and this increases the risk substantially. There is a buy signal from a pivot bottom found 17 days ago.)
Trading Expectations (JXJT) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Jx Luxventure Limited to open at $1.57, and during the day (based on 14 day Average True Range), to move between $1.35 and $1.63, which gives a possible trading interval of +/-$0.140 (+/-9.41%) up or down from last closing price. If Jx Luxventure Limited takes out the full calculated possible swing range there will be an estimated 18.81% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1.61 (7.72%) than the support at $1.34 (10.07%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Jx Luxventure Limited stock A Buy?
Jx Luxventure Limited holds several positive signals and the break up from the falling trend indicates a possible shift of trend as well. The trend doesn't have to go from falling to rising, it may as well go horizontal or even just decrease the earlier fall rate, but we find the risk-reward to be attractive and expect the stock to perform very well in the short term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Strong Buy candidate.
Current score: 5.241 Strong Buy Candidate Upgraded
Predicted Opening Price for Jx Luxventure Limited of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $1.57 ( 5.26%) | $1.49 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for JXJT
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 2.55 | 71.36% |
| R2 | 2.18 | 46.11% |
| R1 | 1.94 | 30.51% |
| Price | 1.49 | |
| S1 | 1.19 | -20.00% |
| S2 | 0.96 | -35.60% |
| S3 | 0.583 | -60.85% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 1.62 | 8.72% |
| R1 | 1.61 | 7.72% |
| Price | 1.49 | |
| S1 | 1.34 | -10.07% |
| S2 | 1.30 | -12.75% |
| S3 | 1.26 | -15.44% |
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